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6 Jul, 2022 05:13

Belarus responds to Western sanctions

The government has announced countermeasures to protect the economy
Belarus responds to Western sanctions

The Cabinet of Ministers of Belarus on Tuesday banned investors from ‘unfriendly states’ from selling their shares in 190 Belarusian companies. This comes in response to Western sanctions on the country.

The shareholders of these Belarusian companies are “persons from foreign countries who commit unfriendly actions against Belarusian legal entities and (or) individuals,” the document published on the National Internet Portal of Legal Information says. These investors are “prohibited from alienating their shares… in the authorized funds of such legal entities.” 

The regulation stated that in order to protect the interests of Belarus, “the shares are blocked on the depo (depository) accounts of their owners.”

The announcement comes as the UK said on Tuesday it would introduce new economic, trade, and transportation sanctions on Belarus over its support for Moscow. London will also reportedly ban more Belarusian companies from issuing debt and securities in London.

Britain has already raised import tariffs on a range of products from Belarus by 35% and sanctioned Belarusian President Alexander Lukashenko and senior government officials.

Meanwhile, Russian President Vladimir Putin said last week that the “unprecedented political and social pressure” from the West, and the sanctions imposed over the conflict in Ukraine, are pushing Belarus to integrate more quickly with Russia.

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